GhIPSS GhanaPay Sponsored Wallet Provides Controlled Spending Solution for Parents, others

Parents and individuals looking to provide financial support in a controlled manner can now benefit from the new GhanaPay mobile money feature called the Sponsored Wallet Service.

With the Sponsored Wallet, GhanaPay mobile money users can allocate a specific amount of money from their GhanaPay wallet to a chosen beneficiary.

This allows the beneficiary to spend the allocated funds directly on his or her phone without the need for a transfer.

The sponsor determines the amount and spending duration, with options to set daily or monthly limits on expenditures. Sponsors can also beneficiaries from their list at any time.

Importantly, there are no transfer charges for using this service. Transaction details are accessible through SMS alerts and wallet statements, allowing sponsors to monitor spending.

For a beneficiary to access the Sponsored Wallet, they must also have a GhanaPay wallet. This feature enhances the utility of GhanaPay mobile money, making it particularly useful for parents who wish to remit funds to their wards while preventing misuse of the money.

Samuel Darko, Head of GhanaPay at Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), explained that the Sponsored Wallet service offered significant flexibility to GhanaPay users, allowing them to remit specific individuals without incurring transfer charges.

“The beauty is that, as the sponsor, you can delete or replace the beneficiary at any time. You can also reduce or increase the daily or monthly spend amount, and more importantly, you receive SMS alerts any time the beneficiary undertakes a transaction,” he said.

Mr. Darko encouraged the public to sign up for the Sponsored Wallet service to save on costs and time associated with regular remittances.

GhanaPay, a mobile money service provided by universal banks, rural banks, and savings and loans companies, combines mobile money features with banking services.

GhanaPay has other services such as Standing Instructions, Crowdfunding, Payments to merchants and bill payments, all accessible on mobile phones.

GNA